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Chicago health officials warn of meningitis outbreak, 2 deaths already reported
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Jan 30 • 9:25 AM EST • Health • cbsnews.com
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Watch live: Whole Hog Politics with Chris Stirewalt and Bill Sammon

The Hill’s senior vice president of editorial content, Bill Sammon, joins NewsNation’s Chris Stirewalt to discuss the latest political hot topics and national news in “Whole Hog…

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Jan 30 • 8:45 AM EST • Politics • thehill.com
Tech Tidbits: Spring Sports Coaches Preview Seasons

Spring has felt like a distant dream around here this week due to the stubborn snow and ice surrounding us, but the beginning of the baseball, softball, tennis and golf seasons at Arkansas Tech University has arrived nonetheless. Members of the ATU Green and Gold booster organization gathered at The…

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Jan 30 • 8:14 AM EST • Sports • arkansastechnews.com
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Jean-Philippe Mateta transfer news: Oliver Glasner confirms striker will not feature against Nottingham Forest amid AC Milan interest

Crystal Palace boss Oliver Glasner has confirmed Jean-Philippe Mateta will not feature against Nottingham Forest on Sunday, live on Sky Sports; AC Milan have made an offer worth £35m to sign Mateta and Nottingham Forests bid for him remains on the table

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Jan 30 • 8:14 AM EST • Sports • skysports.com
Habs' New Defensive Pairing of Hutson and Dobson Delivers Results

Here are the Montreal Canadiens news items, stories, and content you may have missed on Thursday. Montreal Canadiens News Don’t […]

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Jan 30 • 7:00 AM EST • Sports • sportsnaut.com
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Indy business owners say winter storm is freezing profits

Beloved Central Indiana shops and restaurants say the recent snowfall has made a difficult month of business even harder.

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Jan 30 • 6:19 AM EST • Business • axios.com
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Gavin Newsom says at SF event that he isn't sold on breaking up PG&E

"I'm not convinced," the California governor said.

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Jan 30 • 5:00 AM EST • Politics • sfgate.com
🎥Guido: his first hours at Valencia

From his arrival at the airport to putting on his boots and training with his teammates, the Argentine hasn't stopped.He arrived at night at Valencia airport, the next day he underwent a medical exami...

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Jan 30 • 3:52 AM EST • Sports • sports.yahoo.com
Hurricanes Achieve Historic Comeback in Thrilling Win

On a night where the Carolina Hurricanes honored their history; they made history. They don’t call them the ‘Cardiac Canes’ […]

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Jan 30 • 1:21 AM EST • Sports • sportsnaut.com
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Ireland Contracting Nightly Sports Call: Jan. 29, 2026
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Jan 29 • 11:41 PM EST • Sports • cbsnews.com
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Denver Health says several people seriously injured in crash involving snow plow
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Jan 29 • 11:36 PM EST • Health • cbsnews.com
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Some businesses that closed for Minnesota general strike won't shut down for national one
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Jan 29 • 11:20 PM EST • Business • cbsnews.com
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Denver businesses plan shutdown in support of ICE protests nationwide
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Jan 29 • 10:46 PM EST • Business • cbsnews.com
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Fire sparks at business in Hyde Park Village: Crews

A fire sparked at a business in Hyde Park Village on West Snow Avenue Thursday afternoon, according to Tampa Fire Rescue.

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Jan 29 • 10:01 PM EST • Business • fox13news.com
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Philadelphia nonprofit helps people with mental health, intellectual challenges find job opportunities

A Philadelphia nonprofit is finding job opportunities for people with mental health and intellectual challenges.

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Jan 29 • 10:00 PM EST • Health • cbsnews.com
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Minneapolis business owners create ‘community of kindness’

From fundraising for immigrant families to offering free food, local business owners in Minneapolis are doing what they can to help their community during increased federal immigration enforcement.

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Jan 29 • 9:41 PM EST • Business • fox9.com
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Denver Health doctor says eye care faces unique challenges in winter months
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Jan 29 • 9:28 PM EST • Health • cbsnews.com
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Colorado's snow drought creates economic challenges for ski resorts, local businesses
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Jan 29 • 8:47 PM EST • Business • 9news.com
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Ice and snow bring down downtown Benton business, CJ'z Downtown Billiards

A longtime downtown Benton business was destroyed after its building collapsed under the weight of ice and snow from last week’s winter storm, county officials

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Jan 29 • 8:08 PM EST • Business • katv.com
Gambling could become a mental health crisis for teen boys

A new report from Common Sense Media found that more than a third of boys ages 11 to 17 have gambled in the past year. NBC News Now Daily anchor Kate Snow joins the "Here's the Scoop" to discuss the rise in gambling among teenage boys and why some experts worry it could cause a mental health crisis.

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Jan 29 • 8:03 PM EST • Health • nbcnews.com
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Super Bowl LX Betting Report: 'The Public Isn’t Buying the Patriots'

It's still early, but so far, the public is throwing its support behind the Seahawks in droves. Patrick Everson has the report.

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Jan 29 • 7:46 PM EST • Sports • foxsports.com
Winter weather hits local businesses hard as snow forces closures

Local business owners are grappling with the financial strain of consecutive winter weather weekends, with closures significantly impacting service industry employees and small retailers.

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Jan 29 • 7:25 PM EST • Business • wral.com
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Scaling innovations in public health systems: guidance and toolkit

This guidance is a strategic instrument to position governments as drivers of health systems transformation. By embracing the roles, processes and strategies outlined herein, public sector leaders can move beyond short-term initiatives and isolated successes toward lasting, large-scale improvements in health outcomes.

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Jan 29 • 7:00 PM EST • Health • who.int
Nintendo shares statement on Dispatch censorship debacle...and it doesn't explain much (bumped to the front page)

Anyone else confused?

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Jan 29 • 7:00 PM EST • Technology • gonintendo.com
Testing the system: regional simulation exercises advance global health security

These exercises – South-East Asia Regional Practice of All-Hazard IHR Event Communications (SAPHIRE), Joint Assessment and Detection of Events (JADE) in the European Region, and IHR Exercise Crystal in the Western Pacific Region – bring together National Focal points (NFPs), who play a critical role under the IHR in safeguarding global health security. These annual exercises stress-test IHR event communication procedures and contingency plans, demonstrating a sustained commitment by countries to strengthening preparedness and learning.

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Jan 29 • 7:00 PM EST • Health • who.int
Communities unite to address stigma and discrimination affecting people with neglected tropical diseases

Marking World Neglected Tropical Diseases (NTDs) Day, the World Health Organization (WHO) warns that millions of people living with NTDs continue to face profound and often unseen suffering due to discrimination, social stigma and untreated mental health conditions. Under the rallying theme "Unite. Act. Eliminate.", WHO and partners urge governments to integrate mental health care into NTD elimination efforts, ensuring that no one is left behind in pain or isolation.

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Jan 29 • 7:00 PM EST • Health • who.int
Josh Allen Disrespects Patriots In New Sore Loser Comments

It’s always unlikable when a pro athlete plays the “shoulda, woulda, coulda” game during interviews, and that’s what Buffalo Bills QB Josh Allen just did. In a new presser, Allen insinuated that if he’d made one more play against the Denver Broncos in the Divisional round, the Bills would be headed to the Super Bowl […]

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Jan 29 • 6:45 PM EST • Sports • sports.yahoo.com
Large snow piles in Millvale keeping customers away, businesses say
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Jan 29 • 6:38 PM EST • Business • cbsnews.com
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Arts and Entertainment Agenda: Jan. 30-Feb. 5

DanceAspen’s ‘Re:imagine — A Sneak Peek with Emilie Leriche,’ Jan. 30 A free, exclusive preview and behind-the-scenes look at DanceAspen’s upcoming production, “Re:imagine — A Sneak Peek with Emilie Leriche,” will be presented from 5:30-6:30...

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Jan 29 • 6:00 PM EST • Entertainment • aspentimes.com
Minnesota farm communities say ICE surge "is going to be very damaging" for business this year
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Jan 29 • 5:56 PM EST • Business • cbsnews.com
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Jackson Health System CEO Migoya steps down, successor appointed in president and COO Zambrana
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Jan 29 • 5:49 PM EST • Health • cbsnews.com
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Back to business: Local shops, restaurants come back to life after snowstorm

Small business owners say they’ve weathered a storm that left 10 or more inches of snow on downtown streets this week. It took a mix of snow shovel handiwork, municipal plow trucks and private contractors with backhoes and tri-axle dump trucks to bring business districts back to life. “This storm

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Jan 29 • 5:38 PM EST • Business • triblive.com
NASCAR Clash schedule changes with snow forecast

NASCAR will move Clash practice and qualifying heats to Sunday afternoon due to forecasted snow and winter weather on Jan. 31.

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Jan 29 • 4:20 PM EST • Sports • tennessean.com
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Man clears driveway with autonomous snow blower during storm

Forget robotaxis — a man and his robo-snow blower were the envy of X during the weekend's winter storm.

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Jan 29 • 2:12 PM EST • Business • businessinsider.com
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Chicago health officials report 7 cases, 2 deaths from meningitis outbreak in January
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Jan 29 • 12:56 PM EST • Health • cbsnews.com
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Paying for health care is now Americans' top financial worry, KFF poll finds
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Jan 29 • 12:40 PM EST • Health • cbsnews.com
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Explore Utica Zoo's Snowshoe Trails

Snow shoe rentals are a popular winter activity at the Utica Zoo.

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Jan 29 • 11:20 AM EST • Entertainment • wktv.com
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Out West Midland launches as new live entertainment promoter

Out West Midland has officially launched as a live entertainment promoter, with plans to bring concerts and large-scale events to the Midland County Horseshoe throughout 2026.

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Jan 29 • 11:18 AM EST • Entertainment • firstalert7.com
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The Science Behind Rare Gulf Effect Snow Potential In Tampa Bay

Could parts of Tampa Bay, Florida experience Gulf effect snow this weekend? Our expert explains.

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Jan 29 • 10:24 AM EST • Science • forbes.com
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How stroopwafels and saffron tiramisu fit into Starbucks' plan to get to 40,000 stores around the world

The CEO of its international business doesn't see anti-U.S. feeling hurting business.

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Jan 29 • 10:04 AM EST • Business • fortune.com
Hear possible options for watching Tigers after FanDuel Sports Network

On "Days of Roar," The Athletic senior writer Evan Drellich details the struggles of regional sports networks and the impact on Detroit Tigers fans.

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Jan 29 • 9:46 AM EST • Sports • freep.com
Melania Trump reveals advice she gives President Trump — and why she doesn’t watch him on TV all day

Melania Trump opens up in rare interview about her private approach to advising President Donald Trump and her selective media appearances strategy.

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Jan 29 • 9:28 AM EST • Business • foxbusiness.com
Pro Football Hall of Fame voter explains Bill Belichick snub

Vahe Gregorian of the Kansas City Star gave his reasoning for leaving the Patriots legend out of his top three

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Jan 29 • 9:14 AM EST • Sports • cbssports.com
Pre-Snap Reads 1/29: The Seahawks are for real

In the words of Linda Ronstadt: for a long, long time.

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Jan 29 • 9:00 AM EST • Sports • fieldgulls.com
San José Mayor Matt Mahan, a Newsom critic and political moderate, is running to become California's next governor

San José Mayor Matt Mahan announced he is running for California governor, joining an already crowded field.

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Jan 29 • 9:00 AM EST • Politics • latimes.com
More KC businesses train workers on ICE protocols

Kansas City business owners are prepping staff for rising ICE activity in workplaces.

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Jan 29 • 7:20 AM EST • Business • axios.com
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Comcast sheds more broadband customers as wireless competition mounts

Comcast lost more broadband customers than expected in the fourth quarter, as rivals lured away consumers with aggressive offers, piling pressure on the company's mainstay business.

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Jan 29 • 7:07 AM EST • Business • reuters.com
Scientists use AI to crack the code of nature’s most complex patterns 1,000x faster

Order doesn’t always form perfectly—and those imperfections can be surprisingly powerful. In materials like liquid crystals, tiny “defects” emerge when symmetry breaks, shaping everything from cosmic structures to everyday technologies. Now, researchers have developed an AI-powered method that can predict how these defects will form and evolve in milliseconds instead of hours. By learning directly from data, the system accurately maps molecular alignments and complex defect behavior, even in situations where defects merge or split.

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Jan 29 • 7:00 AM EST • Science • sciencedaily.com
Game Preview: Chicago Blackhawks @ Pittsburgh Penguins 1/29/2026

Who: Chicago Blackhawks (21-23-9, 51 points, 6th place Central Division) @ Pittsburgh Penguins (26-14-11, 63 points, 2nd place Metropolitan Division) When: 7:00 p.m. eastern How to Watch: Locally broadcast on Sportsnet Pittsburgh and CHSN in the local markets, streaming on ESPN+ Pens’ Path Ahead: It’s a week-long sprint to the Olympic break finish line for the Pens. […]

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Jan 29 • 7:00 AM EST • Sports • pensburgh.com
Driving Habits Provide Window Into Seniors' Brain Health

By Dennis Thompson HealthDay ReporterTHURSDAY, Jan. 29, 2026 (HealthDay News) — Larry Duncan valued driving as part of his independence. But Duncan — a retired business owner from Pinehurst, North Carolina — started to become more nervous behind the wheel prior to his diagnosis with Alzheimer’s ...

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Jan 29 • 6:15 AM EST • Health • usnews.com
What to know about the Melania Trump documentary

As Melania Trump prepares to walk the red carpet at the newly rebranded Kennedy Center Thursday evening, she is proving that a peek behind the curtain of her life isn’t just a historical record, but a multi-million-dollar commodity.

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Jan 29 • 5:00 AM EST • Politics • cnn.com
College football transfer portal is 'train wreck.' Ask man who ignited it

One of the creators of the unrestricted transfer portal in college sports calls the current system 'awful' but doesn't regret his involvement.

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Jan 29 • 4:22 AM EST • Sports • usatoday.com
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Citrus Heights approves mandatory registry for vacant businesses
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Jan 29 • 1:39 AM EST • Business • cbsnews.com
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Davis police investigate string of downtown business burglaries
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Jan 29 • 1:33 AM EST • Business • cbsnews.com
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Behavioral Health as Economic Infrastructure

As behavioral health shapes productivity and inclusion, Catalight is building sustainable care models fit for the global economy

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Jan 29 • 12:00 AM EST • Health • cbsnews.com
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Business owner speaks out after Ypsilanti parents detained by ICE
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Jan 28 • 11:19 PM EST • Business • cbsnews.com
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Avalanche Offense Goes Cold in 5-2 Loss to Senators

It wasn't a very pretty night for the Colorado Avalanche, as their offense completely dried up against the Ottawa Senators and end up losing 5-2

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Jan 28 • 11:08 PM EST • Sports • thehockeynews.com
LeBron James scores only 11 points in what could be his final game in Cleveland, as Cavs throttle Lakers

It wasn't LeBron's night, although Bronny James scored eight points down the stretch of the blowout.

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Jan 28 • 9:34 PM EST • Sports • sports.yahoo.com
Yuba City eyes $8.5 million state grant for new regional sports complex

A new regional youth sports complex could be coming to Yuba City. The city's public works department is planning to apply for a state grant that could award up to $8.5 million through a revitalization program.

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Jan 28 • 9:23 PM EST • Sports • cbsnews.com
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Snowstorm brings economic boom to some Delaware County businesses while others struggle
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Jan 28 • 7:26 PM EST • Business • cbsnews.com
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VA reorganization aims to shift health care workforce to hubs with growing veteran population

Congress directed the VA to make similar changes under the first Trump administration, but blocked it from implementing them under the Biden administration.

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Jan 28 • 6:46 PM EST • Health • federalnewsnetwork.com
Bill Belichick snub: Here are the 23 Hall of Fame voters who have confirmed they voted for him — and the 1 'no' vote
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Jan 28 • 6:45 PM EST • Sports • sports.yahoo.com
Bill Belichick snub: Here are the 22 Hall of Fame voters who have confirmed they voted for him — and the 1 'no' vote
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Jan 28 • 6:45 PM EST • Sports • sports.yahoo.com
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How unplanned snow days impact small central Ohio businesses
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Jan 28 • 6:28 PM EST • Business • 10tv.com
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'EGREGIOUS!' Sports World Reacts To Bill Belichick’s First-Ballot Hall of Fame Snub

The sports world reacts to the news that NFL coaching legend Bill Belichick will not be a first-ballot Hall of Famer.

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Jan 28 • 6:22 PM EST • Sports • foxsports.com
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ASNC says PET is now the preferred nuclear imaging test for CAD

Which imaging modality is better for evaluating heart patients, PET or SPECT? After years of discussions and debates, the American Society of Nuclear Cardiology is now ready to point to PET as the No. 1 choice. “There are no clinical scenarios or patient subgroups where cardiac PET with myocardial blood flow should be excluded," the group wrote.

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Jan 28 • 5:35 PM EST • Business • cardiovascularbusiness.com
Democrats demand major overhaul to ICE, as government shutdown risk skyrockets

Democrats in Congress are digging in against any funding deal with President Donald Trump this week that doesn’t include major changes to federal immigration enforcement – dramatically increasing the odds of a shutdown at week’s end.

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Jan 28 • 5:34 PM EST • Politics • cnn.com
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Colorado Springs Chamber hosts Annual Business Snapshot
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Jan 28 • 4:53 PM EST • Business • fox21news.com
Eau Claire County Health Department releases measles and respiratory update

The Eau Claire City-County Health Department’s communicable disease team released statements about both measles and a respiratory update.

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Jan 28 • 3:34 PM EST • Health • weau.com
Tom Brady, Robert Kraft respond on Bill Belichick's reported HOF snub: 'If he's not a first-ballot Hall of Famer, there's really no coach that should ever be'
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Jan 28 • 3:26 PM EST • Sports • sports.yahoo.com
NBA legend Manu Ginobili invests in sports performance hub with Miami FC stadium, academy and hotel
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Jan 28 • 2:49 PM EST • Sports • cbsnews.com
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Opinion | A defense of business leaders’ pragmatic letter about the events in Minnesota

"Maybe public vitriol isn’t the measure by which to judge the words of business leaders in today’s world and with this president," Tom Horner writes.

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Jan 28 • 2:39 PM EST • Business • startribune.com
The latest in entertainment news with Variety
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Jan 28 • 1:20 PM EST • Entertainment • cbsnews.com
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Windows 11 will support resuming Spotify, web browsing, and other apps from Android

Microsoft might’ve ditched Android apps in Windows 11 a couple of years ago, but that doesn’t mean it’s abandoned cross-platform...

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Jan 28 • 1:13 PM EST • Technology • 9to5google.com
Fact check: Trump says Democrats don’t talk about affordability anymore (they do) because inflation is over (it isn’t)

President Donald Trump tried Tuesday to concoct an alternative reality on the subject of “affordability” – piling lie on top of lie to try to convince Americans that the issue has vanished.

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Jan 28 • 1:09 PM EST • Politics • cnn.com
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1st Zipps Sports Grill location reopens following Homeland Security raids

Zipps Sports Grill in Tempe, located near McClintock Drive and Warner Road, reopened on Jan. 28, the company announced.

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Jan 28 • 1:08 PM EST • Sports • fox10phoenix.com
Disney Entertainment Television Unveils 2026 Directing & Writing Program Participants

EXCLUSIVE: Disney Entertainment Television has chosen its participants for the 2025-26 Directing and Writing Programs, talent development initiatives which connect emerging writers and directors with opportunities across DET’s scripted and unscripted television slate. “This year’s cohorts reflect the bold, original voices that will help shape the next era of television,” said Tim McNeal, senior vice …

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Jan 28 • 1:00 PM EST • Entertainment • yahoo.com
Disney Entertainment Television Unveils 2026 Directing & Writing Program Participants

Disney Entertainment Television has chosen its participants for the 2025-26 Directing and Writing Programs

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Jan 28 • 1:00 PM EST • Entertainment • deadline.com
Patriots Rival Reportedly Loses Defensive Coordinator, Longtime Coach To Packers

The New England Patriots are gearing up for the Super Bowl, but two of their division rivals are in the middle of coaching changes. The Miami Dolphins fired Mike McDaniel to hire Jeff Hafley, the Green Bay Packers’ defensive coordinator for the last two years. The Buffalo Bills promoted Joe Brady to head coach from […]

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Jan 28 • 12:54 PM EST • Sports • sports.yahoo.com
Tom Brady slams snub of Bill Belichick for Pro Football Hall of Fame

Tom Brady came to Bill Belichick's defense after the Pro Football Hall of Fame snubbed the iconic Patriots coach

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Jan 28 • 12:45 PM EST • Sports • cbssports.com
Disney Afternoon Collection Pops Up On Switch 1 & 2 eShop, Includes Two Additional Games

Digital Eclipse yet to confirm

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Jan 28 • 12:45 PM EST • Technology • nintendolife.com
NFL Hall of Fame snubs Bill Belichick and sports world is gagged: 'I can't be reading this right'

Sports figures from Patrick Mahomes to LeBron James expressed shock and outrage after news broke that Bill Belichick failed to gain Hall of Fame election on his first ballot.

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Jan 28 • 12:25 PM EST • Sports • latimes.com
Snap is Spinning Out Its Specs AR Glasses Business

The subsidiary, Specs Inc., will keep focusing on products that build on the company's Spectacles, which create mixed-reality experiences for wearers.

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Jan 28 • 12:19 PM EST • Business • cnet.com
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Footy Fix: Catch Champions League action only on Paramount+

All eyes will be on Napoli where Chelsea chase top 8 and the hosts look to sneak into the top 24

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Jan 28 • 12:02 PM EST • Sports • cbssports.com
Frozen science experiments inspired by the Loppet Winter Festival
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Jan 28 • 11:55 AM EST • Science • cbsnews.com
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Watch the Super Bowl at Legacy Sports Bar & Grill!
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Jan 28 • 11:45 AM EST • Sports • cbsnews.com
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Trump’s Favorite Wedge Issue Has Finally Met Its Match

Riley Gaines definitely doesn’t want you reading this.

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Jan 28 • 9:00 AM EST • Sports • slate.com
Snap is spinning off its AR glasses into a separate business

Snap’s augmented reality glasses business will now be its own entity, with the company establishing Specs Inc. as a wholly-owned subsidiary.

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Jan 28 • 9:00 AM EST • Business • engadget.com
OpenAI digs in on a fundamental disconnect in new research: AI is ready for primetime, many businesses aren't

The real challenge isn't building better AI—it's actually using it.

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Jan 28 • 7:52 AM EST • Business • fortune.com
FreshBooks 2025 Ontario Small Business Snapshot: Owners More Reserved Than U.S. Peers, but Most Say Their Businesses Are Stable

Ontario survey data shows lower optimism and higher interest-rate sensitivity than U.S. counterparts, while operating conditions stay steady for most businessesTORONTO, Jan. 28, 2026 (GLOBE NEWSWIRE) -- Ontario small business owners are entering 2026 with a more reserved outlook than their U.S. counterparts, reflected in lower economic optimism, softer financial sentiment, and greater sensitivity to interest rates, according to a new Ontario snapshot from FreshBooks’ 2025 State of Small Business

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Jan 28 • 7:29 AM EST • Business • finance.yahoo.com
Night Owls Have Worse Heart Health, Study Finds

By Dennis Thompson HealthDay ReporterWEDNESDAY, Jan. 28, 2026 (HealthDay News) — Do you prefer to stay up late, living it up through the night while everyone else is snoozing away? You might be doing your heart health a disservice, a new study says. Middle-aged and older night owls appear to have ...

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Jan 28 • 6:35 AM EST • Health • usnews.com
Investment and Statecraft: The International Politics of Sovereign Wealth Funds - Georgetown Journal of International Affairs

In 1953, Kuwait established the world’s first sovereign wealth fund to invest the country’s oil revenues and generate returns that would reduce its reliance on a single resource. Since then, over 100 separate funds have been created to preserve national wealth and ensure long-term fiscal sustainability. Today, they manage over $10 trillion in global assets. In this discussion with GJIA, political economist Kathryn Lavelle explains the increasingly novel dynamics that surround fund behavior and what the world can come to expect from their growing presence in international financial markets. GJIA: When it comes to the roles sovereign wealth funds (SWFs) play in global markets and politics, what would you say makes them unique? Kathryn Lavelle: Sovereign wealth funds (SWFs) operate on behalf of governments as investors. That in itself is a strange relationship. Within them, a core contest takes place between the state’s interests (or sovereign) part of the dynamic, and the money interests (or wealth) part of it, and these two aspects are frequently in contradiction, serving fundamentally different goals. SWFs are also quite fascinating because when you talk to the people who manage these funds, they have an interest in convincing you that the decisions are made almost exclusively on a financial basis—they really will go to great lengths to differentiate their government owners and those who make the management decisions. At the same time, these people ultimately answer to someone in power. Therefore, for most SWFs, it remains deeply unclear who is actually making the investment decisions and for what purposes. Of course, it is not always clear how other vehicles, such as hedge funds and private equity make the decisions they do, but I think what a lot of people find particularly disconcerting about SWFs is that they seem to act on behalf of people who have a different identity from their own. People who could be trying to manipulate politics and markets in a way that would have a long-term effect on their own populations. Regular investors come and go at will, and they only share an interest in profit as far as most of us understand. However, SWFs have that extra “sovereign” part right behind them that obscures their true interest. GJIA: These funds can be found in countries all across the globe, in both authoritarian states and democracies. Would you say SWFs differ in their goals and structures between regime-type? KL: It is not necessarily regime type that makes the goals and structures of SWFs different. It has to do with their economies. Let’s look at a country like China. There’s going to be a debate about exactly how to characterize the regime, but it is a country with many different kinds of sovereign wealth funds, and a particularly opaque state connection to each. At one time, some of the state-owned Chinese oil companies created specialized investment vehicles listed outside Chinese markets that excluded parts of the firms that were more associated with human rights violations. At the same time, the China Investment Corporation (CIC)­—China’s largest SWF—draws a lot of concern, not necessarily because of its investment activities, but because of the dynamics of global politics. So, I wouldn’t really tie differences to regime types themselves in a wholesale way, but rather to how such funds are perceived and how they are structured. Saudi Arabia’s SWF is getting all kinds of attention for its involvement in Hollywood, and this takes me right back to when I was a student in the 1980s, when people were concerned about Japanese investment entities buying assets in Hollywood. They aren’t quite the same in financial terms, but it’s the same kind of concern about foreign investment that drives people to be suspicious, and the whole idea that “foreigners are influencing Hollywood.” This holds true across industries, and it reflects where politics are in places like the United States right now. One metric we can try to look at is transparency, where all the funds will tell you, “we are transparent.” The problem you’ll keep running into with this approach is how you value things. When trying to do comparative studies of equity markets, you’ll find that every country doesn’t use Generally Accepted Accounting Principles like we do in the United States. A fund may appear opaque politically and not want people to show what they’re invested in or what their intent with that investment is, but they could also just not be able to report it because of the way it was purchased, or the kinds of shares they purchased. There are some assets out there that really are difficult to put a monetary value on. GJIA: To what extent do domestic politics shape SWF behavior in both the investing “home” country and the recipient “host” country? KL: This depends on the type of fund present and also on the extent to which voters’ political views are able to influence the fund. For example, in a democratic home state like Norway, the SWF doesn’t invest in nuclear weapons or tobacco because of social concerns, but there is a continuing debate over whether it should invest in oil, even though that’s where most of the money comes from. The degree to which Norway will continue to make those investments, and whether they contradict the government’s overall climate goals, is an open question in Norwegian politics. Because of the way the fund’s governance is structured, it may not be easy to resolve. On the other hand, some people consider pension funds, like the State Teachers Retirement System (STRS) in Ohio, to be quasi-SWF. They have a very strict separation between the people who make up the management division and the fund owners. No teacher or professor would want to invest in things that may harm the future of their students. At the same time, a fund manager might see an opportunity in a diversified multinational corporation that offers a good return, despite it deriving part of its revenue from e-cigarettes. These contests are very apparent. Domestic politics can work in host countries too. A good example is Singapore’s SWF, Temasek, investing in Thailand’s telecommunications sector. If you study political economy, you already know that countries everywhere are uncomfortable with foreign ownership of their telecom sectors because a foreign entity could monitor or manipulate our communications with each other. In the case of Temasek, there was significant pushback from Thai citizens surrounding the deal, which went on to influence national political sentiment toward Singapore as a whole, underscoring the risks some SWFs may face with their investment choices. In this case, fund behavior led to the dissolution of the entire Thai government in 2006 and a subsequent coup d’état. GJIA: To address some of this unease, the Santiago Principles were established in 2009 to ostensibly promote trust and transparency. From your perspective, have these mechanisms actually changed fund behavior? KL: In international relations theory, we always like to have a clear set of norms and best practices­—the orientation we want the proverbial ship to be going in. In that regard, the Santiago Principles at least got the discussion going about which direction SWFs should take at a time when people were very skittish about the growing size of these funds. Nobody wanted them to be out there and potentially destabilizing economies, so talks about disclosure, conditions for withdrawal, and the independence of managers were helpful when initiated. The biggest stumbling block was that there wasn’t exactly a good way to measure compliance with the Principles, let alone how to hold funds to them. If you read the Principles, they’re overall quite vague. In general, a fund doesn’t want to reveal how and why they make certain investment decisions because that information is proprietary—a fund makes money off of how and why it makes decisions—so how do you reconcile that with loosely-defined ideas of openness? Some decisions might have a political purpose. The bottom line is that trying to figure out and assign a score to compliance is not easy, and it is therefore the reason why the Santiago Principles never really got off the ground to the point where they could truly direct fund behavior. GJIA: Many emerging markets are looking to build their own SWFs from mineral and oil revenues. Historically, have funds shaped development trajectories in these countries? KL: I think the big story in international emerging markets investment is that the investment is increasingly no longer unidirectional. In the past multinational corporations of primarily Western background were the main form of foreign direct investment in a country. That has changed dramatically, to the point where you have companies from so-called “developing countries” taking over companies in the United States. Therefore, the landscape of international investment has changed, and I think SWFs are certainly a possibility to be the next step in the game. Historically, you didn’t need an entire financial vehicle to reinvest commodity revenues in your country, but as emerging markets get more financially sophisticated, their capacity to operate such funds has increased. SWFs would allow treasuries to move from relying on holding foreign exchange assets like cash or government bonds to having broader financial markets and targeted growth areas, while easing pressure on welfare expenditures. GJIA: With their increasing financial weight, do you see the presence of SWFs being a factor in the political choices leaders will have to make with regard to domestic and foreign policy? KL: It will depend on just how big the funds get. One of the reasons people are already apprehensive is because of their scale, and if certain SWFs in certain countries achieve a large-enough size, the presence will absolutely be cause for concern. The other factor political leaders will have to consider are their objectives. It’s not always clear how to define a SWF, or even where its activity is concentrated, but it is certainly a worry from the perspective of national security of opaque external investment. More than that, I think one of the most interesting questions going forward is whether the United States, the home to the world’s largest financial markets, will develop its own fund, for which the Trump administration announced a plan. There have also been several proposals in Congress. Were it to come into being, it would have tremendous weight. At the same time, one of the hallmarks of U.S. capitalism is a lack of government ownership of shares, so it would not be clear how such a fund would be received in domestic politics, or which direction it would take. Given how politically fragmented the country is, a Democratic administration would likely be concerned about different sectors of the economy, such as healthcare, and want investment there, rather than a Republican administration, which might prefer defense industries. No investment vehicle could thrive under conditions of such instability. Moreover, it remains unclear where the money to fund a theoretical U.S. SWF would come from. It would be a fundamentally different entity depending on whether it is financed with debt, economic surplus, commodities, or the sale of state companies, as in the case of Singapore. If it is debt, or government borrowing of some form, then the fund would have to outperform whatever the cost of that debt is, which is not an easy thing to do. I think our political leaders have enough on their plate. Our system has worked well keeping political and investment functions generally separate. We have seen different forms of business rise and fall, and even the perception of different countries, all of which funds are tied to. Unless a major SWF either starts—like in the case of the United States—or collapses—an issue that concerns the Saudis, I don’t see any political tsunamis on the horizon. . . . Kathryn Lavelle is the Ellen and Dixon Long Professor of World Affairs at Case Western Reserve University in Cleveland, Ohio. Her research explores the exchange between domestic and international and political institutions with a particular emphasis on political economy and multilateralism. Dr. Lavelle’s first book, The Politics of Equity Finance in Emerging Markets, explored the political circumstances that surround large issues of stock in the developing world. After being granted tenure at Case Western, she was awarded an American Political Science Association Congressional Fellowship and named the William A. Steiger fellow, a designation given to the most promising political scientist in her class of fellows. While in Washington during 2006-2007, she worked on the staff of the House Committee on Financial Services on issues related to domestic and international monetary policy. Dr. Lavelle holds a PhD in political science from Northwestern University; an M.A. in government and foreign affairs from the University of Virginia; and a bachelor’s degree in international economics from Georgetown University. She is a permanent member of the New York Council on Foreign Relations. This transcript has been lightly edited for clarity and length. Interview conducted by Sid Mehrotra. Image Credit: Jason Leung, Unsplash Content Licenses, via Unsplash

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Jan 28 • 6:00 AM EST • Politics • gjia.georgetown.edu
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